Medical Cannabis Market, By Treatment Type (Cancer, Migraine, Chronic Pain, Arthritis, Others) – Global Industry Insights, Trends and Forecast, 2017-2025

Created On: Jun-2018
Report ID: IR57
Format: PDF

Medical Cannabis Market: Introduction

Cannabis or marijuana is a psychoactive drug, which is extracted from cannabis plant species, such as Cannabis indica and Cannabis sativa. The main ingredient present in cannabis is delta-9 tetrahydro-cannabinol, commonly referred as THC, primarily responsible for inducing psychoactive effect.

Market Dynamics

The rising cancer cases and potential effectiveness of medical cannabis in the treatment of various type of cancer such as breast cancer, prostate cancer, and other is anticipated to drive the global medical cannabis market. For instance, in 2018, according to the World Health Organization’s (WHO) estimation, 627,000 died from breast cancer. Legalization of cannabis in some countries of North America, Europe, and the Asia Pacific is also expected to boost the growth of medical cannabis market. Furthermore, increased clinical study on the utilization of cannabis in the production of drugs for cancer treatment and pain management, will further aid the growth of medical cannabis market. According to Lungcancer.org, pre-clinical studies included animal testing showed that cannabis may be effective in reducing or ceasing the growth of certain tumors. However, stringent governmental laws on cannabis in major economies like China, Japan and India, coupled with complexity associated in medical cannabis production and black marketing of cannabis are anticipated to restrain the growth of global medical cannabis market.

Segment Analysis

On the basis of treatment, the market is categorized as cancer, migraine, chronic pain, arthritis, and others. Medical cannabis for the treatment of chronic pain is expected to be the fastest growing segment, due to the presence of psychoactive compounds like THC and CBD in marijuana. In recent study conducted by clinical researches, it has been observed that Cannabidiol (CBD) can interact with pain receptors in the brain and can exert anti-inflammatory and pain-relieving effects. The rising geriatric population has led to increase in chronic pain and arthritis incidences, due to which the medical cannabis market is expected to foster over the forecast period. According to the National Center for Biotechnology Information (NCBI), around 100 million U.S adults suffer from chronic pain.

Regional Insight:

North America is expected to dominate the global medical cannabis market during the forecast period, due to legalization of medical cannabis in states which include Maine, Nevada, Colorado, California, Florida, Montana, and others. The higher legalization rate of medical cannabis, coupled with presence of key market players such as Cara Therapeutics, CannaGrow Holdings Inc., Lexaria Corporation is expected to accelerate the market. Europe is projected to grow over the forecast period owing to increased legalization of medical cannabis in major countries in Europe such as Germany, Denmark, Croatia, Czech Republic, and Italy. The anticipated increase in the number of producers and distributors of medical cannabis is expected to fuel the growth of medical cannabis market in Europe. The growth of medical cannabis market in Asia Pacific is also anticipated, due to legalization of medical cannabis in Australia, coupled with excessive plantation of cannabis in various parts of China, and increased investments of international players such as Net Savings Link Inc. (NSAV) in China’s cannabis market.

Competitive Landscape

The key players operating in the medical cannabis market include Cannabis Sativa Inc., United Cannabis Corporation, Cara Therapeutics Inc., Together Pharma, Teva Pharmaceutical, Aurora Cannabis Inc., and others. Key market players are investing and focusing on expanding their product portfolio with merger and acquisitions. For instance, in 2018, Imperial Brands Plc and Snoop Dogg’s venture capital firm, Casa Verde Capital brought an unknown stake in Oxford Cannabinoid Technologies. With this venture the companies are planning to expand Imperial Brands’ product portfolio.

Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
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